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2012 (7) TMI 272 - AT - Income TaxIncome from undisclosed sources - the assessee had deposited in cash in his savings account - AO denial that the cash deposited and withdrawn in question was the same - Held that:- Viewing the affidavit in question dated 16.4.2012 clearly proves that the cheques in question had been encashed by the assessee himself, thus to that extent CIT(A)'s finding that the cheques are issued to their party is not correct - there is also no evidence against the assessee that the money deposited in bank account was not drawn earlier - There is evidence on record that assessee owned property which had 33 tenants with the negotiations going on to vacate the property, but the sudden death of Counsel who was acting in this behalf, assessee had no option than to stop the negotiations and redeposit the cash. The cash withdrawal by company at the same time was also accepted, source of cash withdrawal cannot be doubted - accept the assessee’s plea that he had withdrawn the amount earlier also which was redeposited later on - in favour of assessee.
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